24 Aug What to do when your mortgage has been paid off!
So, what’s the next step after paying off your mortgage after all those years?
Research shows homeowners celebrate their financial freedom, then develop a new set of money goals. It’s quite common for people who have paid off their homes to invest in property again.
But first – there’s the holiday or well-earned break. After all, a mortgage term is a lengthy one.
Property is still popular as we can touch it opposed to shares. With historic low interest rates, many are keen to invest in property while others like to invest in a holiday home.
Citibank conducted an annual survey in 2015 to reveal that one in four Australian’s own their homes outright. Another 41% are paying off a mortgage while 24% are renting. Those who are paying off their mortgage are likely to put that at the top of their properties. New research from MLC found that almost 80% put outright home ownership as their most important priority.
Have you paid off your mortgage and are looking at options for investment or lifestyle?
Or would you like to review ways of paying off your mortgage sooner?
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